FMBN constitutes committee to boost mortgage finance

by Yinka Kolawole
THE Federal Mortgage Bank of Nigeria (FMBN) has formed a tripartite committee in collaboration with the Mortgage Banking Association of Nigeria (MBAN) and the Real Estate Developers Association of Nigeria (REDAN) with a vew to enhancing the framework for housing finance in the country.

Managing Director, FMBN, Mr. Gimba Yau’Kumo, while inaugurating the committee emphasised the need for cooperation among stakeholders in the housing sector in order to achieve the goals of providing easy access to affordable houses for Nigerians.

He said that all stakeholders need to work collectively for a robust mortgage financing system for the advancement of affordable housing delivery in the country. He emphasised the need to develop innovative solutions to tackle problems plaguing the housing industry, and establish common grounds to influence the required reforms.

The FMBN boss listed the terms of reference for the committee to include: reviewing operations of the various stakeholders for improvement; ensuring harmonious relationship between stakeholders; to identify bottlenecks in the processing of estate development and the National Housing Fund mortgage loans and; recommend workable solutions to various challenges encountered by stakeholders.

The committee, according to him, is also to recommend innovations to improve overall operational framework for housing finance in the country and to perform other duties as may be assigned to it from time to time.

He urged members of the committee to utilise the framework as think-tank for improving working relationships and ultimately develop the housing sector to its full capacity.

Yau’Kumo remarked that FMBN is opening up the space in the NHF scheme by allowing people in the informal sector to contribute into the scheme since problem of housing cuts across every strata of the society.

He regretted that most political parties have not included housing in their agenda in the ongoing political campaigns.